Buy people who are in Denver, not people who are searching about it
Location settings default in a direction that sells your budget to people who will never drive here.
Google separates people physically in a place from people showing interest in it. Left alone, an account often buys both. Somebody in another state reading about relocating, a traveler comparing options, a student writing a paper: all of them can trigger your ad at full price.
Set targeting to presence rather than presence or interest, then check it again after any account change. Settings revert more often than anyone admits, and one flip can spend a month of budget on the wrong audience.
Denver draws visitors and people researching a move, which is what makes the loose setting expensive here. An out of state searcher looking up practices before they arrive is a fine future patient and a poor click today.
Exclusions belong in the same pass. Name the places you will not serve and remove them, rather than hoping a bid adjustment sorts it out.